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<br />. <br />. <br /> <br />, <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />t <br />. <br /> <br />ARTICLE I <br />DEFINITIONS AND SECURITY <br /> <br />101. Definitions. The terms defined in this Section shall, for all <br />purposes of this Resolution, have the following meanings, unless the context <br />otherwise requires: <br /> <br />Accountant's Certificate means an opinion signed by an Independent <br />certified publ ic accountant (who may be the accountant or a member of the firm <br />of accountants who regularly audits the books and accounts of the Agency) from <br />time to time selected by the Agency, except that any Asset Coverage Test <br />Certificate shall be signed by a nationally recognized firm of Certified <br />Public Accountants. <br /> <br />ߣl means Chapter 8 of Part 1, corrmencing with Section 33750 of <br />Division 24 of the Health and Safety Code of the State of California, <br />designated "Redevelopment Construction Loans", as the Act now exists and as it <br />may be hereafter amended. <br /> <br />Aqency means the Community Redevelopment Agency of the City of <br />Santa Ana, City of Santa Ana, California, a public body, corporate and <br />politic, duly organized and existing under and by virtue of the laws of the <br />State of California; <br /> <br />Asset Accumulation Fund means the Fund by that name established <br /> <br />hereunder. <br /> <br />Asset Coverage Tes t means that the sum of (i) the outstanding <br />principal amount of Mortgage Loans and (ii) all amounts held in any Mortgage <br />Loan Purchase Account, Princi pa 1 Account, Debt Service Reserve Fund, Mortgage <br />Reserve Fund and Asset Accumulation Fund equals the sum of (x) the principal <br />amount of Bonds then Outstanding plus (y) $230,000; provided, however, that <br />the outstanding principal amount of any Mortgage Loan with respect to which <br />any installment payment of principal and interest is then more than sixty (60) <br />days delinquent shall not be included in (i) above and provided further, that <br />Permitted Investments held in the Debt Service Reserve Fund shall be valued at <br />the lower of cost or market. <br /> <br />Asset Coveraqe Tes t Certificate means an Accountant's Certifi cate <br />setting forth as of the date thereof or as of a date not more than 15 days <br />prior to the date thereof (i) the outstanding principal amount of all Mortgage <br />Loans (excluding the outstanding principal amount of any Mortgage Loan with <br />respect to which any installment payment of principal and interest is IOOre <br />than sixty (60) days delinquent), (ii) all Permitted Investments projected to <br />be held in the Mortgage Loan Purchase Account, Principal Account, Debt Service <br />Reserve Fund, Mortgage Reserve Fund, and Asset Accumulation Fund (valued in <br />the case of amounts held in the Debt Service Reserve Fund at the lower of cost <br />or market) and (iii) the then outstanding principal amount of Bonds and <br />stating whether the Asset Coverage Test has been met and, if the Asset <br /> <br />2 <br />